What information should you know in order to get a quote for commercial insurance?

Answer 1

There are different kinds of commercial insurance, mainly property including real property and business personal property, and liability including general liability. Workers Compensation, product liability, special events and professional liability are special kinds of liability.

You need a good description of the business activity's you do, the replacement value of property you want covered. General liability and workers compensation will usually be based on payrolls and or gross receipts. Loss history and business experience are important. There are also other factors.

Although there are some spelling errors in the above answer, the response is correct. If you want to insure a building you would need all info on the building, i.e. year built, square feet, building type,(wood, masonry, etc.),roof type, one or two story, etc. A lot of the liability premium is determined on receipts or sales figures. (the more sales, the more chance of a claim, the higher the premium) These figures must be as accurate as possible, and will be verified. If its a new venture you can estimate, however, at the end of the term an audit will be done to determine accuracy, and if determined,additional premium will be due. If you want to insure equipment, you will need year, make, model, & serial numbers, as well as value. Workers compensation information would include, number of employees, if they are full or part time, and what "Job" they would be doing.